From Startup to Scaleup. Understanding the evolution of your MedTech marketing.
As Medtech companies evolve from startup to scaleup, they must uncover the right way to engage with healthcare professionals and respond to the ever-changing landscape. In this post, you will learn important aspects of a Medtech marketing strategy along with some solutions that should underpin your every communication.
Build your expertise, authority and trust.
It is important for MedTech companies to develop a brand that conveys expertise, authority and trust. Achieving this takes a blended approach of both research and relationship marketing. Utilise evidence in your marketing that adds to your credibility and appeals to your buyers. In addition, deliver a consistent message about your brand across all channels which is underpinned by the research.
Whilst research and analytics are fundamental in your MedTech marketing strategy, so is the ability to tell a compelling story. As you are often competing for attention from some of the busiest people around, you must get your story across quickly and concisely. Accomplish this through a well-thought-out mission statement and value proposition, outlining what makes your device different and the impact it can have across all stakeholders.
If you want to For further information, read our article on building your reputation here.
Position yourselves as thought leaders.
Medical Technology CEOs often occupy the unique position of being true experts in their field. With complex and often misunderstood sectors such as medical devices, it is important to educate and build trust with your target audience on the relevant subjects.
It is important to remember that thought leadership is not just about technical expertise. Although that is important. It is also about demonstrating clear and consistent expertise and perspective. Don’t try and be too broad in your chosen subject. Instead, you should create a niche and focus on that.
In a previous article, we looked at 5 medical device companies who are leading the way in the UK. all of which include thought leaders at the helm. What they all have in common is that they focus their expertise on a very small niche. This has helped them appeal to all stakeholders including investors, customers and the wider public.
In summary, this strategy will allow your chosen thought leaders to influence and inspire others within the sector. And in addition, will help position themselves as experts in the field.
Establish your CSR and ESG credentials early.
Earlier this year GlobalData’s Thematic Research ecosystem, which ranks companies on their likelihood to tackle challenges like ESG, Med Tech companies GE, Roche and 3M came out on top. Lately, more and more investors are using ESG ratings to assess a companies commitment to tackling important issues. This often affects if they view the company as attractive propositions.
The case to establish CSR and ESG credentials this early is strong. A recent report by McKinsey found ESG strategies can impact operating profits by as much as 60% – indicative of the increased cash flow that onboarding with an ESG agenda can unlock.
Therefore, early adopters have the opportunity to truly bring about change by being transparent and showing commitment. In the end, everybody wins, including customers, stakeholders, investors, the environment, and certainly employees.
If you’d be interested in discussing how to implement an ESG communications strategy at your business contact our award-winning Corporate team today to find out more.